Monday, 16 July 2018

10 things you need to know in markets today.

Crains New York.

Good morning! Here's what you need to know in markets on Monday.

1. President Donald Trump called the European Union a "foe" of the United States in an interview that aired Sunday. "I think we have a lot of foes," Trump said. "I think the European Union is a foe, what they do to us in trade. Now, you wouldn't think of the European Union, but they're a foe."

2. Chinese economic growth slowed fractionally in the June quarter, as expected. According to China’s National Bureau of Statistics (NBS), GDP grew by 6.7% from a year earlier — in line with forecasts — maintaining the streak of either meeting or exceeding forecasts by 0.1 percentage points (ppts) in every quarter over the past three years.

3. President Donald Trump will head into his first summit with Vladimir Putin on Monday without a clear agenda and little preparation. The president will go into the summit followed by whispers about his ties to Moscow, questions that have grown only more urgent since the Justice Department last week indicted 12 Russian military intelligence officers accused of interfering in the 2016 election in an effort to help Trump.


By Will Martin.

Full story at Yahoo News.

Friday, 13 July 2018

Lagos-Ibadan light rail will not only boost economy, but create jobs for Nigerians- Ashafa.

Senator Gbenga Ashafa, representing Lagos East Senatorial District has expressed assurance that the on-going constructction of Lagos-Ibadan Light Rail project when completed will not only boost the economy of the country, but create thousands of jobs for Nigerians.Ashafa, however, commended the level of work and commitment of the Federal Ministry of Transport, Nigeria Railway Corporation, NRC, and construction firm handling the on-going constructction of Lagos- Ibadan Light Rail project. 

Ashafa the Chairman, Senate Committee on Land Transport made the remark, yesterday, during the Joint Senate and House of Representatives oversight visit to the Headquarters` of the Nigeria Rail Way Corporation in Lagos and inspection of the work being done at the Lagos-Ibadan segment of the rail revitalization project.

According to him, “I must commend them for their commitment towards the revitalization of Nigeria rail. 

“Let me commend the Ministry of Transport, the NRC and CCECC for the commitment they have displayed towards the actualization of the rail revitalization agenda of President Muhammadu Buhari.




Full story at The Nigerian Vanguard.





Thursday, 12 July 2018

Saving is only getting harder in SA – economist.

IStock
South Africa's current economic conditions mean it will only get harder to save for the future – but at the same time, South Africans need to save more than before.

This is according to Old Mutual Investment Group Economic Strategist Rian le Roux, who says the stagnant economy, with rising dependency ratios, means saving for the long term is becoming ever more challenging.

Speaking at the 2018 Old Mutual Savings and Investment Monitor Results Briefing on Wednesday, Le Roux said people often made their worst investment decisions when emotions were running high.



Full story at Fin24.

By Marelise van der Merwe.

Wednesday, 11 July 2018

Marks & Spencer chair to shareholders: 'We're on a burning platform'

The chair of M&S has warned of the existential
threat faced by the hight street giant.
Photograph: Jack Taylor/Getty Images
The chairman of Marks & Spencer has given his starkest warning yet about existential threat faced by the high street giant as he refused to rule out further store closures and job losses.

“This business is on a burning platform,” said Archie Norman, who took over as M&S’s chairman last year. “We don’t have a God-given right to exist and unless we change and develop this company the way we want to, in decades to come there will be no M&S.”

Norman’s language echoed that of Nokia chief executive Stephen Elop in 2011, when the mobile phone firm was facing annihilation by smartphones. He said the retailer is in the first phase of a five-year turnaround that involves first getting the company to acknowledge the serial management failings that have resulted in years of falling clothing sales and declining profits.



By Zoe Wood.

Full story at Yahoo News.

Tuesday, 10 July 2018

Festus Adebayo: Investing in housing will reduce unemployment rate by 50% - Expert.

Real Estate expert, Festus Adebayo, says Housing will reduce
Nigeria’s unemployment by 50% (Times Nigeria)
Housing expert, Festus Adebayo, believes that investing in the real estate sector would reduce Nigeria’s unemployment rate by 50%.

A real estate expert, Festus Adebayo, has advised the federal government to invest the unclaimed dividends in the Pension Fund in the housing sector.

Adebayo believes that investing in the real estate sector would reduce Nigeria’s unemployment rate by fifty percent.

Addressing journalists in Abuja, the legal practitioner and coordinator of the Abuja Housing Show noted that the real estate sector could improve Nigeria’s economic fortunes if given the needed attention.

“If government can focus on the housing sector, unemployment rate in Nigeria will go down by at least fifty per cent,” Adebayo announced.





Full story at Pulse NG.

By Goodness Adaoyiche.

Monday, 9 July 2018

900 jobs at risk as Mothercare plans more store closures.

Mothercare will shut 60 stores, 10 more than previously planned, as part of a drastic turnaround plan that could put 900 jobs at risk.  

The ailing baby products seller said it now planned to raise £32.5m of emergency funding from investors, up from a previous plan to request £28m.

Mothercare struck a company voluntary arrangement insolvency deal with its landlords and creditors last month but failed to win approval for its proposals concerning a subsidiary, Children's World, which will now be put into administration.

It will transfer 13 Children's Worlds stores to the main business but the rest will be closed in the coming months. That is on top of 50 closures announced alongside the CVA proposals in May.

The new financing will be raised through an issue of new shares at 19p each, well below Mothercare’s close price of 28.6p on Friday.




By Jack Torrance.
Full story at Yahoo News.





Friday, 6 July 2018

Nigeria signs 3-year oil deal with Schlumberger and will earn $5.60 billion in taxes and royalty.

Under the agreement, global oil services giant, Schlumberger, will provide $724.14 million out of the required project cost of $1.082 billion.

Nigeria's state oil firm, Nigerian National Petroleum Corporation (NNPC) has signed three years oil financing deal with First E&P and Schlumberger worth $724 million.

The oil financing deal will enable Nigeria to earn $5.60 billion in taxes and royalty.

Ndu Ughamadu, in a statement issued in Abuja on Sunday, July 1, 2018, said Maikanti Baru, Group Managing Director of NNPC, signed the deal in London.

According to the statement, Maikanti Maru said the package would also provide $1.32 billion in net cash flows after Schlumberger's cost recovery and compensation in line with the terms of the agreement.

Details of the Schlumberger deal

The NNPC had in 2017 signed the tripartite term sheet for the financing and technical services arrangement between NNPC/FIRST E&P JV and Schlumberger for the Anyalu and Madu fields under Oil Mining Licence, OML 83 and OML 85, offshore Nigeria.




By Aderemi Ojekunle.

Full story at Pulse NG.

Thursday, 5 July 2018

Jaguar Land Rover's £80bn UK investment plan at risk after hard Brexit.

Jaguar Land Rover factory in Solihull. The firm is
 Britain’s largest vehicle manufacturer.
Photograph: Bloomberg/Getty Images
Britain’s biggest vehicle manufacturer, Jaguar Land Rover, has warned it may have to rethink billions of pounds of UK investment, while its 40,000 British employees would face an uncertain future, if the UK leaves the EU single market.

The company said it needed greater certainty to continue to invest heavily in the UK, in a statement released two days before Theresa May is due to meet ministers at Chequers to discuss the post-Brexit deal they will seek with Brussels.

“A bad Brexit deal would cost Jaguar Land Rover more than £1.2bn profit each year,” said the firm’s chief executive, Ralf Speth. “As a result, we would have to drastically adjust our spending profile – we have spent around £50bn in the UK in the past five years, with plans for a further £80bn more in the next five. This would be in jeopardy should we be faced with the wrong outcome.”





By Kevin Rawlinson.

Full story at Yahoo News.

Wednesday, 4 July 2018

Glencore shares plunge over 10pc after receiving subpoena from US DoJ relating to money laundering.

Glencore shares plunged after it received the
subpoena from US authorities - REUTERS
Shares in Glencore suffered their sharpest fall in over two years after the mining giant received a subpoena from the US Department of Justice demanding documents relating to possible corruption and money laundering.

The FTSE 100 company admitted that the documents requested by US authorities are regarding the company's activities in Nigeria, the Democratic Republic of Congo and Venezuela from 2007 to the present day. The subpoena sent the global miner's shares sliding 12pc to a one-year low.

City analysts warned that Glencore could face a lengthy probe and a huge fine. Department of Justice investigations typically take over fours years to complete and the largest fine handed to a company under a Foreign Corrupt Practices Act probe was $965m to Telia in 2017, Barclays noted. 




By Tom Rees.

Full story at Yahoo News.

Tuesday, 3 July 2018

UK banks could face new multibillion-pound claims after PPI ruling.

Banks relied on a June 2019 ‘time-bar’ on claims, agreed with the FCA, as a way to cap the final cost in the biggest compensation exercise in UK financial history. Photograph: Bloomberg via Getty Images
Britain’s banks face the threat of a huge new PPI bill that could add billions of pounds to the £30bn already paid out in compensation, following a court ruling lauded by claims management companies as “hugely significant”.

The case opens the door to a renewed claims bonanza as it suggests that even if the PPI policy was not mis-sold, the buyer may still be able to reclaim because the scale of the commissions paid were excessively high.

While the ruling does not mean any more cash for people who have already received compensation, it may allow cases that have been rejected to be reconsidered. The ruling is likely to be appealed against but if it stands it presents a fresh PPI nightmare for Britain’s banks, after one claims expert said new payments could run into the tens of billions. Lloyds Bank has so far paid out £18.8bn for mis-selling claims, while Barclays has paid more than £9bn and RBSnearly £5bn.




Full story at Yahoo News.

By Patrick Collinson and Miles Brignall.